Chicago Board of Trade corn futures rose on Thursday on bargain buying and as excessive rains flooded some areas of the western US Midwest, threatening crop potential. Spillover support from sharply higher wheat futures and a weaker US dollar also underpinned corn. CBOT July corn settled up 2-3/4 cents at $3.57 per bushel while new-crop December ended up 2-1/2 cents at $3.78-1/4.
Heavy rains flooded fields of recently seeded corn in parts of Iowa, Minnesota and South Dakota, forecasters said. But weather remained largely favourable for crops in much of the corn belt. South Korean corn purchases have reached just over 1.6 million tonnes in June, spurred by a steep drop in prices. The US Department of Agriculture reported lower-than-expected weekly old-crop US corn export sales at 165,900 tonnes. New-crop sales of 339,700 tonnes were in line with trade expectations.
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